Though it's backwards to the way Porsche would have had it, the merger will happenEnlarge Photo
VW originally announced on Sunday that talks about an integrated company with Porsche scheduled for Monday have been canceled. Come Tuesday, however, Ferdinand Piech, chairman of VW, and Wolfgang Porsche of Porsche expressed their intention in a joint statement, saying the two companies would push forward to achieve their goal “constructively and amicably.”
The decision came several hours after Porsche confirmed it was looking for an outside investor to help pay its debts, reports Automotive News. These debts amount to more than €9 billion ($12 billion) and were racked up last year while Porsche was increasing its stake in VW to 51%.
To help manage the debts, Porsche announced earlier this month it wanted to form an integrated company with VW so that it could gain access to the German auto giant’s cash reserves.
Details of the merger are expected to be finalized by early June.